S&P Dow Jones Indices has licensed its S&P 500 Index to Commerce[XYZ] for the launch of a perpetual futures contract on Hyperliquid, in what the corporate described as the primary formally licensed onchain product providing steady, leveraged publicity to the index for eligible non-US customers.
In keeping with Wednesday’s announcement, contract permits eligible non-US merchants to take lengthy or brief positions on the index with out an expiry date, with markets working constantly exterior conventional change hours utilizing official index knowledge from S&P Dow Jones Indices.
The contract additionally brings fairness index publicity onto Hyperliquid, extending the usage of perpetual derivatives past cryptocurrencies into conventional monetary benchmarks.
Commerce[XYZ] stated its onchain markets have processed greater than $100 billion in quantity since October 2025, with an annualized run fee topping $600 billion.
The transfer comes after the index maker teamed with Centrifuge in July to convey the S&P 500 onchain by way of proof-of-index infrastructure and the launch of a tokenized index fund constructed on blockchain-based techniques.
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Crypto exchanges broaden perpetual buying and selling into conventional property
Efforts to convey conventional monetary markets into crypto are taking diverse types, together with tokenized property and perpetual derivatives tied to real-world markets.
In January, Binance launched “TradFi” perpetual contracts, providing USDT-settled derivatives linked to commodities similar to gold and silver with 24/7, no-expiry buying and selling. The next month, Kraken expanded the mannequin to equities, introducing tokenized perpetual futures that present leveraged publicity to US inventory indexes, gold and particular corporations.
Earlier this month, Coinbase stated it will introduce round the clock buying and selling for Bitcoin (BTC) and Ether (ETH) futures within the US and broaden into perpetual-style contracts.
On the similar time, tokenized equities have grown steadily. Knowledge from RWA.xyz exhibits complete onchain worth rising to about $1.09 billion from roughly $300 million firstly of 2025.
The market stays comparatively concentrated, led by a mixture of tokenized equities and exchange-traded merchandise. Circle Web Group accounts for about $136.8 million in worth, adopted by Exodus Motion at $83 million and Alphabet at $72.9 million, with Tesla and the iShares Silver Belief additionally among the many largest holdings.
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